Riyadh – Mubasher: Al Etihad Cooperative Insurance Company named Yousef Saad Al Saad as the new Chairman of the board for the next three years.

The firm also announced Naif Saud Al Turairi as the Vice Chairman, according to a bourse disclosure.

Meanwhile, the two officials assumed their roles for the board term that commenced on 6 January 2023 and will remain in position until 5 January 2026.

The Saudi Central Bank (SAMA) greenlighted the two key appointments on 13 March 2023.

In the first nine months (9M) of 2022, the insurance company logged net profits before Zakat worth SAR 31.19 million, an annual plunge of 28.34% from SAR 43.53 million.

Earnings per share (EPS) hit SAR 0.43 during the January-September 2022 period, versus SAR 0.73 in 9M-21.

The net written premiums (NWP) hiked by 58.35% to SAR 855.81 million in 9M-22 from SAR 540.45 million in 9M-21, whereas the incurred claims widened by 47.48% to SAR 588.79 million from SAR 399.23 million.